NFTs dominated headlines from late 2020 throughout 2021 before peaking in early 2022. By November 2020, the global NFT sales volume was around $8 million.

NFT Market Down 92% From January 2022 Peaks: Best Time To Invest?

However, roughly 13 months later, this had grown to over $6 billion. The rapid growth was pumped partly by the excess market liquidity due to record low interest rates. Due to the accommodative policy, Bitcoin, Ethereum, Solana, and even the BNB Chain ecosystems grew.

Fast forward two years later, and NFTs are in shambles and struggling. Throughout 2022 and 2023, the trajectory has been downward, looking at CryptoSlam data. When writing on October 9, the global sale volume for all NFTs was around $100 million in early October.

This figure is nothing compared to the climactic peak of January 2022 when top NFTs like Bored Ape Yacht Club (BAYC) and CryptoPunks sold for millions of dollars.

Although NFTs have been decimated, one analyst on X thinks this could be the best time to build and invest in these assets. With the market down, sliding 92% from January 2022 peaks and back to late 2020 levels, the analyst says the choice to buy is the “ultimate contrarian” and could turn out to be the “right bet.”

The decision, however, to load up now and even time the “perfect” bottom is risky. According to CryptoSlam, the number of

Go to Source to See Full Article
Author: Dalmas Ngetich